# Kao Panel Cointegration Tests

| Dep Var | Kao Statistic | p-value | Sig | N entities | N obs |
|---|---|---|---|---|---|
| R&D/GDP | -8.0324 | 0.0000 | *** | 38 | 827 |
| log(patents) | -12.6868 | 0.0000 | *** | 48 | 1163 |
| High-tech exports % | -15.8766 | 0.0000 | *** | 56 | 815 |
| Patents/million | -9.2578 | 0.0000 | *** | 48 | 1163 |